Austria's Beveridge Curve has shifted markedly outwards since labor market access for Eastern European neighbors was liberalized in 2011. I quantify the effects of labor supply shocks by means of a structural VAR with sign restrictions, distinguish domestic-worker from foreign-worker shocks and...

Labor supply shocks can have substantial effects on the Beveridge Curve. Structural VARs with sign restrictions show that the shocks associated with the free movement of workers from Eastern Europe have temporarily increased unemployment in Austria, a major destination country, by 25 percent and...

We propose a novel identification strategy to measure monetary policy in a structural VAR. It is based exclusively on known past policy shocks, which are uncovered from high-frequency data, and does not rely on any theoretical a-priori restrictions. Our empirical analysis for the euro area...

Die Finanzmarktreformen nach der Depression in den 1930er Jahren und die Neuordnung des internationalen Finanzsystems in Bretton Woods 1944 bildeten die Grundlage für eine marktwirtschaftliche Ordnung mit stark regulierten Finanzmärkten, die sich im Westen nach dem Zweiten Weltkrieg...

This paper aims at empirically assessing the demand effects of changes in functional income distribution for the Netherlands. Based on a Neo-Kaleckian theoretical macroeconomic model, equations for the main demand aggregates (consumption, investment, exports and imports) are estimated. The...

The paper modifies a standard NAIRU model by implementing "pricing-to-market" as the basic assumption for the price setting behaviour of firms in an open economy. This entirely changes the outcomes of the model: First, inflation in equilibrium is stable at any rate of unemployment; the long-run...

Social scientists have long argued that developed countries are more and more responsible for climate change because they externalise pollution to less developed countries. This paper offers a way to quantify climate responsibility by calculating carbon footprints and carbon balances between...

We study endogenous employment and distribution dynamics in a Post-Keynesian model of Kalecki-Steindl tradition. Productivity adjustments stabilise employment and the labour share in the long run: technological change allows firms to replenish the reserve army of workers in struggle over income...

The paper builds Distributional National Accounts (DINA) using household survey data. We present a transparent and reproducible methodology to construct DINA whenever administrative tax data are not available for research and apply it to various European countries. By doing so, we build...

Social scientists have long argued that developed countries are more and more responsible for climate change because they externalise pollution to less developed countries. This paper offers a way to quantify climate responsibility by calculating carbon footprints and carbon balances between...